“Contrary to what we have been reading in some media reports this week, Solvay confirms that the planned divestment of its 70.59% stake in Solvay Indupa to Brazil's leading chemical producer Braskem is well underway,” Solvay said in a statement.

The success of Braskem’s tender offer to buy the outstanding publically-traded Solvay Indupa shares, a move which is required under Argentinean law, “is not a condition to the divestment of Solvay Indupa to Braskem,” the company said in a statement.

“Braskem is talking to Comision Nacional de Valores (CNV) [Argentinean market authority] to understand their decision and to set a new price,” it said.

“In the meantime, anti-trust filings are being made as planned in Brazil and Argentina,” it added.